ABA solidifies major banks’ hold

by Madison Utley04 Dec 2019

Commonwealth Bank CEO Matt Comyn was yesterday appointed chair of the Australian Banking Association (ABA), with Marnie Baker, MD of Bendigo and Adelaide Bank named as deputy chair.

Comyn replaced ANZ CEO Shayne Elliott, while Baker stepped in for Suncorp CEO of banking and wealth, David Carter.

Baker has expressed excitement over the new role, saying she hopes to help deliver change across the industry.

“Every member of the ABA has an important role to drive prosperity for all Australians,” she said.

Comyn echoed a similar sentiment. 

“I look forward to working with ABA members to help drive change across the industry so that it can earn back the trust of the Australian people and continue to be an important pillar of the community and economy,” he said.

“The industry is working hard to improve customer outcomes, implement the royal commission and other regulatory changes, and align the government’s objectives to grow the economy.”

In September, Finance Brokers Association of Australia MD Peter White urged the ABA to appoint an independent chair rather than perpetuate “the big four banks’ rotation".

“The big banks have not only lost consumer confidence but broker confidence, and the sector now requires greater governance through independent, non-conflicted eyes,” said White.

“Appointing an independent chair of the ABA is a step in the right direction if the banking industry wants to restore confidence and trust.”